Marijuana Makes Colorado $8.8 Million Per Month

In Colorado, the first state where marijuana for both medical and recreational purposes was legalized, sale of the drug earned the state $2,332,843 in taxes in January 2015. This was a tenfold increase on the same month last year. The figures come from a report periodically released by the state’s Department of Revenue.

In Colorado, recreational marijuana is sold with a 10% sales tax and additional 15% excise tax that is earmarked for public schools and construction. The unusually high taxation was voted into place by state residents in 2013. Aside from education, profits from sales of the newly-legalized substance go towards local substance abuse programs, medical research, and police training.

In 2014, marijuana sales earned the state a total of $3.5 million (including taxes, licenses and fees). One year later, that figure has spiked to a record-breaking $8.8 million.

In that time, Colorado has seen marijuana suppliers multiply likes mushrooms after the rain, from 40 shops in 2014 to about 300 in 2015.

In the US, Alaska, Oregon, and Washington, D.C, have all legalized recreational marijuana.